Swedish Krona Advances vs. Euro on Rising GDP
The Swedish krona advanced versus the euro today as the nation’s economy expanded last quarter. The currency was down against the US dollar as overall market sentiment remained depressed.
Statistics Sweden reported that Sweden’s gross domestic product expanded 0.8 percent in the first quarter of 2012, quarter-on-quarter, following the decline by 1 percent in the preceding quarter. Economists expected just 0.2 percent growth. The positive data improved prospects for krona and diminished probability of an interest rate cut by the Swedish central bank.
EUR/SEK was down from 9.0012 to 8.9688 as of 13:58 GMT today. USD/SEK climbed from 7.1940 to 7.2201, while the intraday high of 7.2397 was highest since September 10, 2010.
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Earlier News About the Swedish Krona:
- Swedish Consumer Confidence Rises, Krona Follows (2012-04-26)
- Swedish Krona Declines with Industrial Production (2012-04-10)
- Swedish Krona Advances with Consumer Sentiment (2012-03-28)
- Swedish Krona Falls After Riksbank Cuts Main Rate & Growth Forecast (2012-02-16)
- Swedish Krona Gains After Reaching Weekly Record (2011-12-22)